RE: interview in italian just tweeted29 Nov 2021 15:08
Just had a quick listen , rough summary only. So they start with a poll of whether fin tech will make a difference - comes out with yes because it is innovation (as opposed to option 2 yes if it actually makes a difference) . Moving on to business they are initially talking about the idea that fintec in the past has been about process improvement in big banks with legacy systems and often focused around improvement of the user experience. This is not the same as product innovation. AZ launches into SYME around 9.39 telling the historic syme story as one of product not process innovation. At 12:04 he explains the model. There are giggles as he is explaining the process around the monetisation of parmigiano reggiano , but the idea is that this is not a financing but a securitisation, a monetisation of inventory which gains in value as it progresses towards sale / in time (envecchimento - ageing) . This is important as later he ends with reference to why this is a product innovation for the shariah world - not a financing but a monetisation of inventory. Around 16 very interesting as he discusses with what I read as disguised frustration and a desire to get this message out there that have been complications produced by not only being an innovator, but a quoted innovator, which has required them to have what he calls a "pitstop" whereby the regulatory authorities wanted to be assured that what was being publicised under market rules was effectively true. Goes round this point a few times. References also to covid delaying this here, but positive outcomes on discussions with regulatory bodies overseas which now understand our (Italian derived) model. Moves on to referring back to the Italian bank model which is to evidence the product innovation, and the interest this has awoken in the shariah world. Reference also to the importance of the Tradecapital purchase with a 3 year trading record. Also to the importance of monetising the entire product chain to help through trade issues such as Covid and recent Suez. Underlying theme Italy millions are a demonstration, the market is billions . Sorry quick summary - worth trying to go through. I read him as playing a very straight bat, and wanting to pass on the message of robust and steady management rather than start up "froth". Hope this helps, don't shoot the messenger.
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